North American Tungsten Corporation Ltd NATUF

journalist in error. & an earnings calc

[upmarkets]

Looks like the news writer likely doesn't know the difference between 10 inches and 10 cm. ( flunk math - become a journalist ) She quotes price per tonne when she means per metric tonne unit ( MTU ) an MTU is 1 % of a metric tonne or 1/100 of 1000kg = 10 kg = 1 MTU ( = 22 lbs ) note MTU is useful since WO3 grade is around 1 % If WO3 price is 70% of APT = .7 x $US265 = $185 Lets try $180 ( was it not lower with a contract? ) then sales could be: 30,000 MTU / mo x 12 x $180 US x 1.136 = $Can 73,600,000 yr This can vary with grade & daily tonnage Now costs in 2003 were $can62.40 or $us42.52 per MTU in Jan 05 circular say Costs up today at $can85 or $us75 per mtu so earnings may be = 105/180 x 73.6 mil rev = $can42.9 mil or say 43 cents / sh on 99 mil sh , if price holds So say just 34 cents x modest 9 p/e = $ 3.06 stock Plus any value expansion from drilling nearby or at MacTung - a 1.00 ? A true cash flow calculation would be better for estimating value. Anyway we should enter the 2.00's this season Regards U